Tesco opens second hot food store format in Villiers Street, Embankment March 31, 2015 Tesco may be on course to shut down 43 underperforming stores as new management tries to get the business back on track, but it's not standing still when it comes to opening its new food format stores. The troubled supermarket opened its second store – which serves hot food for breakfast, lunch and dinner, as well [...]
Tesco begins land sell-off in cost-cutting drive March 30, 2015 Tesco has hired property advisory firm Savills to sell six development sites as part of plans announced earlier this year to cut costs. Chief executive Dave Lewis said in January that he would halve capital spending and save £250m a year by axing 43 stores, shelving 49 projects and closing its Cheshunt head office. The [...]
Flower power hit by supermarket price wars in UK March 26, 2015 POTATO supplier Producer Investments has found itself in hot water after profits more than halved in the first half, hurt by the supermarket price wars and a bigger-than-expected crop last summer. The Scottish company, which produces and supplies retailers, including Tesco, Sainsbury’s and Waitrose, with spuds as well as daffodils, said operating profits fell to [...]
Tough at the top: Will the FTSE giants fall from grace? March 26, 2015 From dividend cuts, to the accounting scandals just waiting to happen, SVM’s Colin McLean talks to Annabelle Williams about the potential pitfalls facing the UK market. The last few years have been tough for the UK’s biggest companies, as FTSE giants from supermarkets and banks, to insurers and oil majors, have come under pressure. [...]
Banks are back: How the UK’s banking sector got its mojo back as dividend payments rise March 26, 2015 The UK’s banks are back on form and could be the best place to invest for good and growing dividends. British banks such as Lloyds, HSBC and Barclays were once the best places to invest for solid dividends. Ten years ago, banks provided a quarter of all dividends in the UK market, according to figures [...]
Hilton Food Group ups dividend payout after year of expansion March 25, 2015 SPECIALIST meat packing company Hilton Food Group announced a 4.3 per cent increase in its dividend for 2014, as pre-tax profit grew slightly. The group’s profit was up 1.3 per cent, from £24.9m in 2013 to £25.2m last year. Revenue was down by 2.3 per cent, from £1.13bn to £1.1bn. The firm, which operates in [...]
Philip Clarke just left Tesco – again March 25, 2015 Eh up. Anyone got a sense of deja vu? Tesco has announced chief executive Philip Clarke had decided to step down, retiring after 40 years in the job. The revelation left supermarket-watchers confused – surely Clarke has already departed, to be replaced by former Unilever man "call me Dave" Lewis? Clarke left the supermarket under a [...]
Morrisons new chief shelves old exec team March 24, 2015 MORRISONS new chief executive David Potts has wasted little time in overhauling the beleaguered supermarket chain as he turfed out five of its senior managers yesterday. Potts, who only took the top job at the Bradford-based retailer last week, said he plans to simplify and speed up the business by building a “leaner senior management [...]
Tesco faces US lawsuits over profit scandal March 24, 2015 A GROUP of angry shareholders are launching a lawsuit against Tesco and seeking billions of pounds in compensation over last year’s accounting scandal that led to a huge black hole in profits. Tesco has suffered one of the most turbulent years in its history following revelations at the end of last year it overstated profits [...]
City Moves for 25 March 2015 | Who’s switching jobs March 24, 2015 UK Export Finance The export credit agency has appointed Margaret Eyres as head of direct lending. She was formerly head of export finance UK at Societe Generale. Eyres has 25 years’ experience in trade services, trade finance, and export finance, and has also held roles at Midland Bank International and ABN Amro. Panmure Gordon The [...]